The present software invention relates generally to a system and method utilized to monitor secured and non-secured credit/debit card usage transactions.
This invention relates generally to fraud prevention software tools and specifically to the business of monitoring credit/debit card transactions at transaction stations and the provision of its information. In particular the software in this invention concerns the interception of payment/usage transactions for the purpose of transmitting encrypted real time data and storing historical usage data.
The present software invention is comprised of gathering credit/debit card transaction data from transaction stations and submitting a usage alert to an end user's/subscriber's remote mobile personal communication device, when an end user's issued credit/debit card is used to make a sale/service purchase. The usage message alerts are submitted in real time to land line/PBX, cellular phones, the internet (email) WAP-enabled mobile devices and PDA's. The end user or receiver of the message alert is prompted to act on the message information that has been delivered. He or she is given the option to confirm that the transaction data received is valid/confirm or to report the invalid transaction to the issuing credit card companies fraud department. Once the end user selects the confirm option button/prompt, they are then given the option to enter a predetermined pass code to archive the purchase transaction. If the end user selects the invalid transaction option button or command, a second option button is used as a hot button to transfer the end user communication via phone, to the credit/debit card company's fraud department. The invalid transaction prompt option is preprogrammed with the issuing credit card company's fraud department phone number.
The system and method of the invention further provides a real time fraud protection improvement for Internet related purchases. Utilizing a mapping program feature, the credit/debit card end user has the ability to monitor transactions in real time as they are processed. The use of the mapping utility will be used to confirm the card user's location at the time of purchase and the merchants location at the time of purchase processing. This provides an additional level of protection for Internet credit/debit card purchases.
This invention also provides an administrative client application, which is utilized to obtain new account information as it relates to member services. Example information that can be gathered is as follows: Client name, client address, existing cell/PDA/home phone number, email address, confirmation pass code, transaction and account numbers etc. This information is used to establish the initial database for the client/end user file.
The present invention also provides additional added value features which are as follows: The end user will be advised if he or she is approaching and then has reached their maximum credit card limit. The invention will provide alert information for billing notices. Prompts will appear advising the end user that the current credit card bill is due or if late charges will be incurred on the monitored card.
The software invention can also provide enhancements and location specific targeted marketing messages for related added value goods and services. This invention provides its end users with the ability to tailor their alert messages as follows: Cardholder/subscriber will have the option to add additional credit cards and debit cards to the monitor/watch list. They can only be added if the issuing card company has granted permission to access their card transaction data. The end user can select a minimum Dollar purchase amount for notification purposes. The end user can temporarily disable the alerts if requested. The end user will have the option to obtain historical transaction activity if requested. The end user will have the option to monitor specific geographic areas by zip code, state, or mileage specific transaction locations. The software invention also provides the end user the ability to monitor transactions by time of day and days of the week. The end user will also have the option to call forward their message alerts to an alternate phone number or email address if requested. Finally the software invention will track purchase activity for a specific merchant or vendor that has been requested to be added to the watch list.